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12 March 2021

How Do Leaders Can Connect Innovation To Business?

A healthy and productive work culture where employees work at their maximum efficiency to reach a common goal naturally exists when:

  • Both innovation and business objectives are given equal value and importance
  • Top business objectives are communicated throughout the organization
  • Each business activity is aligned to support the primary corporate goal

In this culture, the art of alignment highly matters and when executed by a balanced and strategic approach, it can help the organization reap fruitful results. So, how does an organization naturally bring these two crucial factors together? Let’s see.

How to connect innovation with business? 

There are several ways out of which one is to develop a business unit strategy in contrast to an innovative theme and incorporate innovation within the organization’s balanced scorecard. Followed by this, keep a primary person in charge of each business unit on the corporate innovation and strategy teams. It is also important to ensure that innovation results and outcomes are connected to the short and long-term workforce performance. In this course, the role of a global business strategy leader is of much importance as they govern and improve the activities of the business units, making sure that they reach the goal efficiently within the given time frame. 

On a fundamental basis, innovation must be an integral part of business goals. There would probably be a business that exists without a growth-oriented future strategy. But if that growth is fuelled by innovation, the organization tends to stay in line with future demands and attain the desired goals. Not to forget that the innovation will highly be required to fill in the growth gap desired by stakeholders. 

70% of senior executives say that innovation is one of the top key growth drivers for their organizations in the coming years. 

McKinsey & Company Report 2008

The role of a global business strategy leader in innovating business strategy 

As the saying goes in the business ecosystem, that if you as a leader, can’t answer the question -  ‘How does this align with the organizational goal?’ 

Don’t do it.

As a global business strategy leader, you must have an articulated business reason for innovation. Giving innovation a proper business purpose is the primary challenge faced by most leaders. Whether it’s closing a rising growth gap that cannot be closed through the existing strategies or resources or a certain business problem that demands an entirely new and differentiated approach. Because innovation is always a means to an end.

The prime priority of a global business strategy leader should be engaging the right people at the right time up to the right degree in innovative work. This begins with the leader recasting the role of employees where each employee contributes to the creativity. Further, welcoming diverse perspectives, creating an open window for collaboration, bringing standardization and continuous improvement of operations, mapping the phases of strategy, and providing a roadmap through bureaucracy are some of the many roles that a leader has to play while bringing innovation and strategy together. 

How business certifications can help professionals become global leaders?

Leadership certifications are credentials that can provide business professionals with advanced management skills and competencies which can help them excel in their careers. One of the best business certifications is SBSP (Senior Business Strategy Professional) by TSI and PMP (Project Management Certification).

Enrolling in these certifications can help you hone the necessary skills and enable the development of leadership qualities to succeed in a high-level position. 

Even if you are a graduate, enlisting in one of the best business certifications will help you gain an edge over the competition and will help you gain the skills that will help you become a potential leader in your industry.

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